Jan 24, 2013

If I talk to you about “strategic planning,” you might nod
your head sagely and admit that it seems like a good thing for big businesses
to attempt. But many of my clients also believe that they can’t afford the time
or money for such a process.So when I
talk to clients about “business planning,” I call it “Business Re-Visioning”
because it sounds more affordable in time and money . . . and actually it is.
The process I recommend can be completed by most business owners over several days
in about four 1-hr sessions.

No one has a crystal ball, but at least once a year everyone
should take the time to review assumptions, align resources, and communicate
goals. A process that I like to use with my professional services clients is
sparing of their time; helps them size opportunities, risks, needed investment
and marketing campaigns; and positions them well for success. I have put
together a presentation on this process.

Taking Stock

When I went out for Chinese food today with friends, my
“fortune” in the dessert cookie was an interesting piece of wisdom:“The keys to a successful future lie in the
past.”Sometimes those slips of paper in
the cookies are silly; this one was right on.

How did the previous period—year, quarter, whatever—turn out?
What revenue, profit, or unit production/sales did you experience? What
segments accounted for that “market activity”—who are you selling to? If you
invested in your business (or spent money), how did you spend it? When?

A SWOT (Strengths/Weaknesses/Opportunities/Threats) analysis
is useful for pulling together information on the status quo and for organizing
all bits of information in a single place. We’ve already written about the
utility and value of SWOT for business planning

Positioning and Segmentation

Who are you currently selling to? Why are they buying from
you?Answering these questions will tell
you how you are positioned in the minds of your customers. Is this the
positioning you want?Do you need to
tweak your message or how you’re delivering it to create a better impression in
the minds of your customers? How does your product or service compare with
similar product or services offered by your competition?Are there unique aspects to your offerings that
distinguish them from your competition?

One of my clients told me about his recent process in
selecting a caterer for an event. Three vendors were identified that had
similar offerings and pricing, and the vendor was selected on the basis of its
superior food,which my client felt would
make a positive lasting impression at his event. Do you know what criteria your
customers will use to evaluate you and other service providers in the year
ahead?Are you sure your differentiating
elements are ones your customers truly care about?

Are there additional services/products that your existing
customers would buy from you if you offered them? Are there some
services/products you could offer that would help you acquire NEW customers, who
might then also become customers for your existing products and services?Keep in mind that you don’t have to make or
originate the service or product you sell.

Setting Goals

This is the most important step of your re-visioning process.
Everything you do going forward is driven off your goals for the future of your
enterprise. What is your vision for the future of your business? How do you
want to grow it or change it in the months ahead? What is your vision for what
you will sell, to whom and for what price? Who will you partner with, and from whom
will you buy services and products? How will you become more efficient, more
profitable, and better known in the months ahead?

Your thinking process may begin with identifying some trends,
but to be able to determine if you successfully achieve your goals, those goals
must be measurable, specific, and achievable and linked to a timeframe.I like to discuss my business goals with my
colleagues, business mentors, and even my family. They all have contributed to
helping me refine my goals and avoid “pot holes” en-route.

Market Intervention

“Wishing doesn’t make it so.” I think that might be a song
lyric, but it is certainly a truism in marketing. If you want to change the
status quo, you must intervene in the market in some way. Now that you have
goals and a clear idea of the directions you want to move in, how will you
effect the changes you want to make in your business and its market?

You have a clear idea of what you want to accomplish in the
next year. You have completed a marketing plan and have confirmed that you have
the financial and staff resources necessary to move forward.Now it is important to create a unified
“marketing and Business calendar “that will function as the central place where
you book all of your planned initiatives. Since you will be engaging in many simultaneous
activities, coordination is essential.

And everything will perform as expected, right?Nah. There are bound to be hiccups and
problems.I recently redid my website .We used
data collected from Google Analyticsto refine our key words and adjust many
features.When I do email marketing, my
provider, www.swiftpage.com can tell me
what phrases used in headlines or subject lines are more effective in getting
readers to click on the content and read it. They can even tell me which “targeted
readers” interacted with the content more than others, and which ones I should call to follow up with.

If you invest in some kind of marketing interventions—email
marketing, new website, postcards, telemarketing—carefully consider and set up
a process for measuring what works and what doesn’t.

You’ll need this information next year when you take stock of
your business and “Re-vision” your future.